The relationship between both sides has deteriorated following the transfers of Mario Gotze and Robert Lewandowski and the war of words between BVB coach Jurgen Klopp and Bayern director Matthias Sammer.

But Watzke told TZ: "We are not at war with Bayern, so we do not need any peace talks.

"We are each other's rivals, though. We should not act as if we love each other because that's not the case and nobody on either side can expect something like that."

Watzke then went on to dismiss suggestions that Bayern saved Dortmund from bankruptcy earlier in the 21st century.

"This is all a myth. Bayern loaned €2 million (£1.7m) to my predecessor against an eight per cent interest. It's not like Bayern were Mother Teresa.

"This €2m eventually didn't help us. My first job was to repay the €2m, which had disappeared by then.

"Loaning money from another club was one of the biggest mistakes ever made. As long as I'm in charge, I would rather beg for money on the streets than take another club's money."